BWD Securities PLC

Nicholson Barber Option Purchased

BWD SECURITIES PLC
25 October 1999

                       BWD SECURITIES PLC ('BWD')
                     Agreement with Nicholson Barber


BWD announces that an agreement was entered into on 22 October 1999 with
the shareholders of Nicholson Barber under which BWD has acquired for £1
an option to acquire the entire issued share capital of Nicholson Barber
for  a  total maximum consideration of £8.79 million. In the event  that
BWD  does  not  exercise  its call option before  29  October  1999  the
shareholders of Nicholson Barber have an option, until 5 November  1999,
to  sell the entire issued share capital of Nicholson Barber to  BWD  on
the  same  terms (the 'Option Arrangements'). In addition, BWD   entered
into an agreement on 22 October 1999 to provide settlement facilities to
Nicholson Barber with immediate effect.

Nicholson  Barber  is a regional stockbroking and investment  management
business  with  offices in Chesterfield, Derby, Doncaster and  Sheffield
and  with  an  established reputation for supplying quality  independent
financial  advice  to  both  private and corporate  clients.  As  at  30
September  1999,  the Nicholson Barber business had  advisory  funds  of
approximately  £700  million. The net assets  of  the  Nicholson  Barber
business  subject to the Option Arrangements are estimated  to  be  £0.2
million.  In  the  11  months ended 1 April 1999, the  Nicholson  Barber
business  generated  audited partnership profits  of  £0.90  million  on
turnover of £3.08 million.

The  result of the completion of this transaction will be that BWD  will
acquire the business of Nicholson Barber and strengthen its position  as
a  leading UK regional stockbroking and investment management group. The
offices  of BWD and Nicholson Barber in Sheffield will then be  combined
on a new site to improve efficiency.

The consideration payable by BWD for the entire issued share capital  of
Nicholson  Barber under the Option Arrangements, if exercised,  will  be
satisfied through an initial payment on completion of the acquisition of
approximately £6.24 million, approximately £2.18 million of  which  will
be  payable in cash, approximately £1.98 million in loan notes, with the
balance  to  be  satisfied by the issue of 520,575  shares  in  BWD.  In
addition,  BWD will make a further issue of loan notes, up to a  maximum
value  of  £2.55 million, based on the level of fee paying  funds  under
management  and  the  growth  in income achieved  by  Nicholson  Barber,
including  the combined Sheffield office, during the three  year  period
following its acquisition.

Mike Burns, Chief Executive of BWD said;

'Nicholson  Barber is an excellent and complementary  business  and  the
Option Arrangements, if exercised, would provide us with the opportunity
to  integrate  our  two  businesses and to strengthen  our  position  in
Yorkshire and Derbyshire'

Enquiries                            
                                     
Mike Dickinson                       
Finance Director, BWD                01484 606 664
                                     
David Forbes                         
NM Rothschild & Sons                 0113 243 4347